There appears to be no single accepted definition of Marketing. Perhaps it is easier to define Marketing by what it is not. It is not Engineering, Manufacturing, Quality Assurance, Human Resources, Finance or Administrative Functions. Marketing, then, is everything else .
Effective Marketing, therefore, is critical to the success of any enterprise. That includes SCORE even though our counseling services are provided at no charge.
Planning is the first management function. What is learned from Marketing will be used by all functional areas within the company. Engineering will design products to meet the needs of customers as defined by marketing. Product features – which add value as determined by the customer - will be carefully considered. Pricing policies and distribution channels are selected from what marketing does. Product packaging utility and appearance will be determined by what Marketing learns.
Marketing provides both strategic and tactical input. The creation of the iPod was strategic for Apple, Inc. The decision to offer the iPod in black color is a tactical product adjustment to meet a fashion trend. Marketing is essential – without it success is limited. As noted in the iPod example, marketing contributions to the success of the company can be both for the long term or for immediate effect. Marketing personnel rely on communications with customers. Observations are also important. The companies which implement customer suggestions are likely to prosper. Let’s take a closer look.
If you sell products to sports fishermen you will discover that there are several clusters within this group. For example, fly fishermen are very different from bass fishermen. The fly fishermen will use waders and spend much money on reels, poles and flies. Bass fishermen will often spend $50,000 on boats and motors – sometimes simply to get to the fishing grounds five minutes sooner. Therefore, look carefully at market segments. If you do not, you will be ineffective as well as inefficient in reaching your targeted customers.
If you distribute and install artificial grass, target customers who live in arid areas such as Las Vegas. You might do best with homeowners who are just moving into their brand new homes. Marketing the same products to homeowners who live in San Diego would be a waste of time and money. You may select a niche which is a distinct segment of a market. For example – as an auto mechanic you may specialize in servicing European cars – or narrower yet, only older Mercedes cars.
If you plan to be a wedding photographer you should select your niche carefully. If you plan to do the high end weddings, you need studios, personnel, equipment and the advertising budget which go with the territory. People who spend $20,000.00 on wedding photography would not likely do business with you if you operate from your apartment. On the other hand, people with more modest wedding budgets may be attracted by your reasonable price – and your lack of fancy facilities may not be an issue.
If you sell, design, and install closet organizers you can add value by customizing the geometry to match the customer’s closet. Cost is likely, therefore, to be secondary to value. If you add the convenience of visiting the customer to make measurements you add further value – the cost element will be even less important. If you follow up with computer generated 3D layouts of the closet organizers which is custom configured for the customer, you add further value through communication. Closer to the installation time you would again consult with your customer. This mix of value, convenience, communications should allow you to optimize your profit margins.
Are you selling cell phones or communications solutions. Why not add a Blackberry to your line. Are you selling to business people or all travelers. What is important to the customer. How much is he willing to pay to meet his needs. To whom is 99.99 % uptime the most critical definition of value? How do you sell to this customer. How do you know how effective the marketing plan is? Are sales volume, profit margins, inventory levels and return on assets/investment optimized. Or should you reduce some of the inventory on hand and quit promoting 99 % same day shipment of all orders?
The first three points are self evident. With regard to point four, always seek to reduce the cost of selling and distributing your products. An intensive training program may help. Look to minimize hidden costs such as damage in transit. But you should probably not aim to eliminate damage entirely – because in doing so you may spend more in protective packaging than the cost of the occasional damaged shipment. Optimize inventory levels – or eliminate the warehouse entirely - if your supplier is willing to drop ship to your customer. Always innovate!
Most slides in this part of the presentation do not have notes.
Elance is a play on Freelance – writers and journalists who are not working for a specific publication. Elance is an organization which allows you (the customer) to get in touch with a writer who has the qualifications which you are seeking. You may post a project on the bulletin board and invite bids from interested writers. For example, you wish to receive a quotation for: Produce 12 articles on the care of cats to be mailed monthly to cat lovers. Each article must be between 400 and 500 words. Need your quotations in 5 days. This is not an endorsement of Elance.
New meaning example: Mouse. It is still a rodent, but now, an important computer accessory. iPod is a clever combination of internet and pod.
R. O. I. stands for Return On Investment. It is the amount of additional money (benefit) you will make by purchasing an item which increases revenue, lowers cost or both. Companies usually express this in terms of payback. For example, if a company has a policy of only purchasing capital items with a payback of two years or less, the purchase price must not be greater than twice the annual benefits.
Let’s move on to the last part of today’s Marketing Seminar.
Let’s take a closer look at the marketing plan.
The marketing plan is the keystone of the overall business plan. Lenders who are asked to provide financing will read the marketing plan with keen interest. It is essential that you communicate a thorough understanding of the business you are in, and what it takes to be successful .
Do the marketing plan ‘by the numbers’. Use this power point as a check list to ensure all relevant aspects of the plan are covered. The first use of this plan may be to support your application for funding. Use simple words to make your points, and by all means avoid sounding like a pre-fabricated presentation. Always provide a time perspective. Remember your marketing plan is part of an overall business plan and must support financial statements – usually by quarter and years. During plan implementation you will encounter events which you did not prepare for. Therefore, have a simple way of making adjustments and update financial impact. Make sure that your marketing plan is in harmony with your mission statements. It is essential that you stay focused and apply your core competencies for maximum effect. The business plan must be required reading for all marketing personnel. Then read it again and again .
Lets take closer look at the components of a marketing plan .
A mission statements conveys to all members what an organization aspires to be. Besides creating wealth for shareholders, it is the organization’s reason for being. Levi-Strauss has a short, wide and yet specific Mission Statement: “We will market the most appealing and widely worn casual clothing in the world. We will clothe the world.” Levi-Straus is in the casual clothing business – not just jeans. They make no statement about manufacturing, quality, pricing etc. “ We will clothe the world” is the stated objective. To achieve this all functional areas must work harmoniously and effectively.
The visionary component of a mission statement reflects the company’s aspirations. The statement should be sufficiently broad to allow the company to leverage its expertise. The mission must be realistic considering the companies standing and resources. The motivational component should inspire employees and others to maximize their contributions to the company. Make the statement less than 25 words. Use understandable words – avoid technical terms and jargon. Ask your grandmother if she understands the mission statement .
McDonald’s want to be the best in the world. Here is another example on a much smaller scale. If you just invented a superior rat trap and want to leverage this device for rat control service in Las Vegas you may want to consider this: Increase scope to rodent control, and maybe later, to pest control. Expand the territory to Nevada – just in case you are asked to control pests in legislative chambers in Carson City. Mission: Provide the most effective rodent control services in Nevada. We strive to keep Nevada rodent free . Oh well – mission impossible?
The executive summary is a synopsis of the key points presented in the entire marketing plan. It should be written with the intended reader in mind. Therefore, the Executive Summary should reflect an understanding of what is important to the reader. If there is a compelling relevant short story to tell it may be effective as an attention getter. Perhaps the one about the old man in the Yukon who created a special Moose call which made the Moose come to him. This Moose call, now digitized as a distinct cell phone ring tone, would appeal to hunters – and, if the ring tone is amplified while hunting – actually draw the Moose to the hunter. The Moose Call Ring Tone and Sound Amplification Device called “Moose Now” is the product which is the subject of this marketing plan. (The author of this presentation just made up this story – perhaps the idea has legs). If this story makes the reader want to read the entire plan you have written an effective Executive summary.
Provide a recap of relevant historical data to give the reader a perspective. Provide details about the status of the current marketing efforts. What is going well – what is not working. Elaborate on future marketing initiatives. Provide rationale for changes or maintaining current marketing mix. Discuss resources which are available to support in house and sub-contracted activities. Provide rationale for the marketing budget. Analyze strengths and resulting positive impact on the organization. Indicate weaknesses and plans for improvement. Discuss culling of underperforming products or services and alternative uses for marketing budgets.
Discuss the economy and its impact on your products. Disclose planned economy driven marketing adjustments. Discuss any marketing initiatives or changes as a result of demographic factors such as age, gender, ethnicity, education and income. Trends, opportunities and threats will be discussed in a subsequent slide. Competition - subsequent slide. Target market - subsequent slide .
Identify and discuss trends which may affect your marketing plan. If you are a plumber who installs increasingly expensive copper plumbing, consider the implications of a change to plastic piping. Analyze opportunities and how to take advantage of them. If you export products describe how you intend to take advantage of a declining dollar. Threats can come from many conditions. If you rely on people driving long distances to reach your business, high gasoline prices may negatively impact your business. If you are selling CD’s the popularity of downloaded music may be a threat. Discuss the probability of occurrence of these trends, opportunities and threats .
Your direct competitors sell identical or similar goods or services. Indirect competitors are after the same discretionary spending dollar as you are. If you are representing a manufacturer, you may be competing with direct sales employees - perhaps over the internet. Identify and list your competitors. Analyze products and services offered by competitors. Discuss how your competitors do business, including pricing, packaging and promotion. Discuss your competitors strengths and weaknesses. What can you learn from them. Describe how you can stand out and offer better value .
Describe your current customers and how you intend to obtain new ones. If you are a maker of specialty travel luggage, perhaps you can add a special golf ball pocket and sell the custom made bags to golfers through Pro Shops. As a specialty travel luggage manufacturer you may also be able to respond to TSA – Transportation Safety Administration – requirement pertaining to lotions and creams etc. in carry on luggage. You may be able to convince TSA that a small pocket with a transparent cover integrated into the carry on luggage will be a permissible way to carry toiletries. This feature would then serve as an alternative to the re-sealable transparent bag currently in use. Perhaps airport shops would sell such a product. Identify and exploit market clusters to enhance sales. If you are in the travel business, perhaps you should position yourself to serve the special needs of eco-tourists.
State realistic goals which can be quantified. Examples may include: Increase sales of skateboards by 22% in year 2007. Increase customer base from 510 to 600. Add value by attracting 100 new customers who want training along with the SCUBA products which they purchased. Increase market share by 11% (which can be difficult to measure ).
Demonstrate that you know your customers – who they are, their traits and why they are likely to buy from you. The target market, then, is a group of individuals who are interested in your products based on segmentation factors such as demographic (age, gender etc.); geographic (location); psychographic (traits, beliefs etc.) and consumer characteristics (loyalty, shopping frequency etc.). If you are selling home maintenance insurance, for example, you may describe programs and services you intend to offer to your target markets. Packaging is usually very important. An attractive package with product information may be the key to making the sale. Discuss pricing strategies. Make sure price is consistent with product appearance, utility, packaging and sales location. Discuss how your product will be promoted - keeping in mind your product pricing rationale .
Indicate what internal marketing resources are available. Perhaps you have a great desktop publishing capability in house. Discuss, if applicable, what marketing resources outside your organization which may be applied. If you are a distributor you might get help from your Principals. From Principal A you may plan to: Get help in training your sales force. Participate in his trade shows. Get applications engineering help .
Outline specific steps which will be taken to execute the marketing plan. Provide a sequence of events. Indicate who will be held responsible for the plan implementation. Provide a time-line for implementation. Indicate the amount of money which is allocated to the Marketing Budget on a timeline which supports the financial exhibits .
Indicate the amount of money allocated to the various components in the budget. Advertising could include all or specified media. Direct mail could be based on internally generated or purchased lists of prospective customers.. Databases – perhaps for permission based email advertising. Printing could be for many purposes – and keep in mind the usually expensive production work which precedes it.. Trade shows can be effective and a good way to obtain immediate feedback from customers.
Indicate how the Marketing Plan and its execution will be evaluated. Schedule compliance is perhaps easiest to track. With some simple data gathering, the number of new customers, sales capture rates and size of orders can be determined. (Sale capture rate refers to how often you secure the business vs sales lost to a competitor). Revenue change is also easy to determine, but may not be entirely attributable to marketing. For example, a competitor closing his shop, improved product quality and other factors may have made a significant difference.
The marketing plan is a process which brings together many elements. A disciplined approach is always the best. When goals and results are quantified the measurement of effectiveness is less subjective and creates a basis for accountability. Success measurements, as defined in the plan, are critical. The Marketing Plan is not a piece of shelf decoration – it must be referred to often. As always management support at the highest levels must be visible and continues to achieve maximum benefit. Nothing is static, so the plan must be kept up to date.
Marketing Plan Basics-101
Marketing Basics For Small Business
What is Marketing ? <ul><li>Planning, integrating and executing a set of strategies for selling products, services or ideas for the benefit of seller and buyer. </li></ul><ul><li>The actions required to move products from the producer to the consumer (classical definition). </li></ul><ul><li>Actions taken to put the salesperson in front of the customer. (Marketing and Sales). </li></ul>
<ul><li>Most people think that Marketing is a tool, but for many successful businesses it is a way of thinking. </li></ul><ul><li>It is a mindset which puts the customer first and ensures that the company never forgets that it needs customers to survive. </li></ul><ul><li>Effective marketing is required for survival – and it is absolutely critical for success. </li></ul>Effective Marketing
<ul><li>Provides the foundation for planning and the basis for a profitable relationship with your customers. </li></ul><ul><li>Recognizes and analyzes customer needs. </li></ul><ul><li>Provides guidance for product pricing, packaging, promotion and distribution . </li></ul>Marketing
<ul><li>Identify market groups. </li></ul><ul><ul><li>Recognize the market groups that exist in your target market. </li></ul></ul><ul><ul><li>What differentiates each group? What makes each unique? </li></ul></ul>Marketing Focus I
<ul><li>Targeting </li></ul><ul><ul><li>Choose the group that will be the focus of your marketing campaign. </li></ul></ul>Marketing Focus II
<ul><li>Positioning </li></ul><ul><ul><li>What message do you want to convey? </li></ul></ul><ul><ul><li>How do you want your customers to see you? </li></ul></ul>Marketing Focus III
<ul><li>Customer Value </li></ul><ul><li>Cost </li></ul><ul><li>Convenience </li></ul><ul><li>Communications </li></ul>What Is Important
1. What is your Business (Mission)? 2. Who is your client? 3. How does the client define value? 4. What is the marketing plan? 5. How do we evaluate our effectiveness ? Ask Yourself …
<ul><li>Marketing is more than selling </li></ul><ul><li>Understand your client’s needs </li></ul><ul><li>Develop plans that reflect those needs </li></ul><ul><li>Support the Marketing function, </li></ul><ul><ul><li>Develop an effective training program </li></ul></ul><ul><ul><li>Find ways to sell / distribute products </li></ul></ul><ul><ul><li>and services more efficiently. </li></ul></ul>Remember …
CUSTOMER FOCUSED (How - What to Do - Ideas) MARKETING For Small Business
This part of the presentation introduces a variety of practical marketing approaches and ideas. Use it, as applicable, to generate ways to help develop your own business. Introduction
Be Innovative – Above All To build and maintain a business, you must be innovative. For example, if you are opening a new restaurant, you may, for a limited time, offer two dinners for the price of one. A plumber may waive the service call fee if he is late for an appointment These are not original ideas – you need to find and implement the ones which will work for you .
Find out what consumer incentives work in your business and the costs associated with various offers. But, be careful. As a restaurant owner do not forget to put specific expiration dates on coupons or else you may be serving free or discounted food for a long time. Incentives and Cost
To make a sale it is critical to reach the right person within your customer’s company. Addressing mail to Purchasing Manager or other company official is usually not effective. Do your research and take care to be highly targeted in your business communications. Reach the Decision Maker
Market and Marketing Research are vital to attain your business goals. Identify your customers and personalize your communications. This applies to direct mail, permission- based email marketing and phone solicitation . Research is Vital
Prospect identification should be a daily activity in any business. By making prospecting a continuing process, a steady flow of new sales leads will be produced. Never stop asking, "Who do we want to do business with”? Then enter all prospects into a database so they can be turned into customers over a period of time . Customer Prospecting
Mailing dull direct-mail pieces will not work well. Ask yourself: ”Will anyone be intrigued enough to read the mailer before tossing it in the trash can” A creative approach is necessary to be different and distinctive. You may need help from professional copy writers to make your mailers more effective. Remember, copywriting is an art. Be Creative
Many business writers use impersonal words such as "As per our conversation...“ "Pursuant to our agreement... There is no reason why business letters should not be friendly, conversational, interesting and use language which the customer is familiar with. Again personalisation is vital. Effective Letters
Have you asked selected prospects and customers how they view your business, products and services? When creating an ad, a brochure or a sales presentation, it is critical that you keep in mind what the customer wants, needs and expects. These concerns must be met. So, look for opportunities to obtain information which can help your marketing be more creative and targeted . What Do Customers Care About
People make buying decisions after making comparisons. Tell customers and prospects why it is in their best interests to do business with you. Then make the sale. Market - driven companies spend much time and effort influencing the way they are perceived by customers, prospects, investors and other stakeholders . Influence How Customers Think About Your Company
Customers are cautious. They don't like making mistakes or hasty decisions. This is why enticing offers are so valuable. "Try it for 30 days...free." "We won't charge your credit card for a month." "Your satisfaction is guaranteed." "Try the product for the weekend and use it all you want." The goal is to overcome the customer's reluctance and then ultimately close the sale. Make it easy to say yes . Make Compelling Offers
Do you use this excuse: "Oh, well. I can't be in the right place every time." Maybe, but your powerful message can. Develop powerful incentives for your customers to keep you in mind every day. For example, outstanding products and services promoted by a mix of relevant seminars, newsletters, blogs, bulletins, special events and informative articles will help ensure your success . Right Place at the Right Time
One of the best ways to differentiate your products or services is to give them distinctive names. Do you remember Roto-Rooter and Weed Wacker? These names are trademarks and you should also consider trademarks for your important products. Give your products clever names which take on new meanings, thereby distinguishing your products from those of your competitors. Make sure, however, that the name appeals to your customers --- not just to you . Name Your Product or Service
Persistence is power in marketing. Follow through long enough to produce proper results. Marketing momentum comes from consistent effort. For example, if you start a newsletter, issue it on schedule and only include relevant information. Remember, it takes time for customers and prospects to get acquainted and comfortable with your business . Persistent & Consistent
Do you find that many ads, letters, brochures, and other sales materials you receive are filled with words, illustrations and data that are of little interest to you? To help you write effectively for your publications, ask prospects what they want to know about your company and products. When you know your target customers you can meet their needs effectively. Effective Communications
For example if your Rolls Royce needs service – and one dealer insists you bring it and another says he will pick it up on his flat bed truck – which would you prefer? One dealer is clearly sending a signal that he doesn’t understand his customers and the other sends a powerful message - our customers are important. Find a way to add value that is recognized by customers. Understand Your Customers
Share all relevant information with your customers. This is the way to become a valued resource for them. When people use your ideas, they will buy what you sell and come back for more. Happy customers will recommend you to others. Satisfying customers’ needs builds trust . Build Trust
Web Site Research <ul><li>A web site is like oxygen for your marketing. You must have it. </li></ul><ul><li>Study your competitors’ web sites. </li></ul><ul><li>Do successful competitors share common web strategies. </li></ul><ul><li>Are the sites used for credibility and information and for Ecommerce as well? </li></ul><ul><li>Can promotional literature be down-loaded? </li></ul>
<ul><li>Do customers search the web before visiting your work shop, store or office? </li></ul><ul><li>Do you meet customers at their homes or at their businesses? </li></ul><ul><li>Do you close a sale based on one visit? </li></ul><ul><li>Do you make proposals which are then evaluated and acted upon later? </li></ul><ul><li>Do customers use the web to check your credibility before buying? </li></ul>Web Strategy Considerations
Minimum Web Presence <ul><li>Establish a site which gives you credibility. </li></ul><ul><li>Allow customers to download data which you would otherwise mail. </li></ul><ul><li>Provide driving instructions to your location. </li></ul><ul><li>Set up Email capability. </li></ul><ul><li>Include relevant contact information . </li></ul>
Ecommerce Site – If needed --Highlights Only-- <ul><li>Design your integrated web site. </li></ul><ul><li>Create a complete product data base. </li></ul><ul><li>Make it easy for customers to shop. </li></ul><ul><li>Provide full shopping cart capability. </li></ul><ul><li>Establish merchant account for checkout. </li></ul><ul><li>Put your web site name on all literature. </li></ul><ul><li>Create and execute a comprehensive Ecommerce marketing plan . </li></ul>
<ul><li>Is the logo fresh or is it dated? </li></ul><ul><li>Does it convey the right message and image? </li></ul><ul><li>Are web and email addresses on all documents </li></ul><ul><li>Do letterheads, mailing labels and business cards convey a strong, positive message? </li></ul><ul><li>The corporate identity is the face you put on your </li></ul><ul><li>company for all to see. </li></ul>Company Identity It Makes a Difference
<ul><li>You may apply all the theory and practical advice reviewed so far - and still fail. </li></ul><ul><li>One reason could be - that you - the salesman/owner do not have effective selling skills. </li></ul><ul><li>Let us review some of the important factors which will help you make the sale . </li></ul>Meet The Super Salesman
Preparation <ul><li>Prepare for the meeting with your customer. </li></ul><ul><li>Know the product features and benefits. </li></ul><ul><li>Dress appropriately for the meeting. </li></ul><ul><li>Arrive with time to spare. </li></ul><ul><li>Learn the name of the receptionist – and make a good impression. Next time you call she may make a special effort to help you. </li></ul><ul><li>Turn off your cell phone . </li></ul>
Meeting The Customer --1 <ul><li>Meet your customer with a smile, eye contact and a handshake if appropriate. </li></ul><ul><li>Use his name properly and express your appreciation for the meeting. </li></ul><ul><li>Comment on some office decorations which favorably reflects your customer’s interests. </li></ul><ul><li>Exchange some pleasantries and quickly get down to business – time is precious. </li></ul>
Meeting The Customer --2 <ul><li>Make your sales presentation. </li></ul><ul><li>Invite questions and answer with confidence which comes from product knowledge. </li></ul><ul><li>Review features/benefits as appropriate. </li></ul><ul><li>Overcome objections, if any. </li></ul><ul><li>Ask for the order. </li></ul><ul><li>When the customer has decided to buy from you – quit selling. Anything you say beyond that point can work against you. </li></ul>
Meeting The Customer --3 <ul><li>Promptly follow up the meeting with any information which you promised to provide. Again thank him for the meeting or order. </li></ul><ul><li>When calling on the telephone use your best phone manners and avoid the use of a cell phone if the connection is poor. </li></ul><ul><li>Provide after sale training and service as necessary to keep the customer satisfied.. </li></ul>
Meeting The Customer -- 4 <ul><li>Cultivate your relationship with the customer and earn his confidence and trust. </li></ul><ul><li>Ask your customer for the name of another individual to whom you could sell your product. </li></ul><ul><li>Make another successful sales call. </li></ul><ul><li>Hone your selling skills and repeat this process over and over again . </li></ul>
Meeting The Customer -- 5 <ul><li>Maximize your ‘face’ time. </li></ul><ul><li>Minimize idle (travel) time by visiting several customers during the same trip. Your cost per sales call will then be less. </li></ul><ul><li>Use networking to obtain sales leads. </li></ul><ul><li>Donate your time or money to worthy causes if this provides you exposure to your customers. </li></ul><ul><li>Go out of your way to help a customer who is in trouble. He will remember you for the rescue effort . </li></ul>
Meeting The Customer --6 <ul><li>Be prepared to document sales contracts. </li></ul><ul><li>You may use your own sales forms. </li></ul><ul><li>Your customers may use purchase orders. </li></ul><ul><li>Either way, items sold, unit prices, delivery date, warranty, FOB point, means of shipment, product support and payment terms must be specified. </li></ul><ul><li>Remember – always do the paperwork. </li></ul>
Meeting the Customer – 7 <ul><li>Develop your ‘elevator’ sales pitch. </li></ul><ul><li>Convey in 15 seconds what you are selling and make the listener want to hear more. </li></ul><ul><li>Use this pitch when the opportunity arises, such as when you are boarding an airplane, standing in line to pay for your coffee, making a chance meetings at the homeowners association, etc. etc. </li></ul>
Tips From A Pro - 1 <ul><li>Know who is attending your sales presentation. </li></ul><ul><li>Will the customer have technical support during the meeting. </li></ul><ul><li>Are you qualified to answer all technical questions, or do you need help from a pro. </li></ul><ul><li>Is the old adage “I will get back to you with the answer” good enough. </li></ul>
Tips From A Pro – 2 <ul><li>Confirm early in the meeting how much time is available for the sales presentation. </li></ul><ul><li>Your customer may have a crisis to deal with or additional time to spare. </li></ul><ul><li>Adjust your presentation accordingly. </li></ul><ul><li>Make sure that you cover the key points of your presentation in the allotted time. </li></ul>
Tips From A Pro – 3 <ul><li>Most presentations are now made using laptop computers and projectors. </li></ul><ul><li>Bring several bound printed copies of your presentation in case of a technical glitch. </li></ul><ul><li>During a projection presentation, it is usually best to wait until you are finished to hand out literature. This avoids the audience becoming distracted by reading your literature or otherwise getting out of sync with your presentation. </li></ul>
Tips From A Pro – 4 <ul><li>Develop a practice of using both voice and email for follow up communications. </li></ul><ul><li>An initial telephone follow up is likely to reach the answering machine. Leave a brief message. </li></ul><ul><li>Follow up with a more detailed email. </li></ul><ul><li>Learn early in a relationship if the customer is ‘email centric’ or ‘voice message centric’. Also, determine how he absorbs information – be it by reading, conversation or visual presentations. </li></ul>
Tips From A Pro - 5 <ul><li>As a happy customer, confirm that he is willing to become a reference for you. </li></ul><ul><li>Ask him to agree to accept phone calls from your prospects. </li></ul><ul><li>Ask him to allow you to bring prospects to his business to show off your products. </li></ul><ul><li>A customer extolling the benefits of your products is a very powerful message. </li></ul>
Tips From A Pro - 6 <ul><li>The product you are selling may be treated as a capital expenditure. </li></ul><ul><li>Your customer may need to complete paperwork to document that the purchase meets certain financial criteria. </li></ul><ul><li>Help your customer ‘justify’ the purchase by demonstrating that the acquisition of your product will meet the R.O.I criteria. </li></ul>
PUT THESE IDEAS TO PRACTICAL USE. <ul><li>As a guide for implementing effective marketing solutions. </li></ul><ul><li>To review periodically and supplement with new ideas. </li></ul><ul><li>As required reading for all marketing personnel. </li></ul>
A marketing plan is a vital document which you have created and intend to follow to achieve your goals. If you are already in business, the marketing plan should reflect the strengths of your current efforts. If the plan is for a new product or service, it should define all critical elements of an effective marketing campaign. What is a Marketing Plan ?
Why Have a Marketing Plan ? <ul><li>To document where you are </li></ul><ul><li>To plan where you are going </li></ul><ul><li>To define your objectives </li></ul>
Planning Considerations <ul><li>See it as a process </li></ul><ul><li>Keep it simple </li></ul><ul><li>Develop a time-frame </li></ul><ul><li>Have a simple revision process </li></ul><ul><li>Harmonize with mission statement </li></ul><ul><li>Make it a ‘Living Document ’ </li></ul>
Components of a Marketing Plan <ul><li>Mission Statement </li></ul><ul><li>Executive Summary </li></ul><ul><li>Internal Analysis </li></ul><ul><li>External Analysis </li></ul><ul><li>Objectives </li></ul><ul><li>Marketing Strategies </li></ul><ul><li>Identify Resources </li></ul><ul><li>Implementation Plan </li></ul><ul><li>Marketing Budget </li></ul><ul><li>Evaluation Methods </li></ul>
<ul><li>The organizational identity </li></ul><ul><li>What business it is really in </li></ul><ul><li>Desired Results </li></ul>Mission Statement A concise description of
Mission Statement Example <ul><ul><li>“ McDonald’s vision is to be the world’s best </li></ul></ul><ul><ul><li>quick restaurant experience. Being the best </li></ul></ul><ul><ul><li>means providing outstanding quality, service, </li></ul></ul><ul><ul><li>cleanliness and value so that we make every </li></ul></ul><ul><ul><li>customer smile”. </li></ul></ul>
Executive Summary <ul><li>An overview of the plan </li></ul><ul><li>Readable and concise </li></ul><ul><li>Summary of main objectives </li></ul>
<ul><li>Analyze relevant trends </li></ul><ul><li>Describe opportunities </li></ul><ul><li>Detail any apparent threats </li></ul><ul><li>Estimate probabilities of occurrence </li></ul>Trends, Opportunities, & Threats
<ul><li>Who are they </li></ul><ul><li>Product/service features </li></ul><ul><li>Pricing, packaging, promotion </li></ul><ul><li>Competitor strengths/weaknesses </li></ul><ul><li>How are you different ? </li></ul>The Competition
Summary <ul><li>The marketing plan </li></ul><ul><ul><li>Is created by a formal process </li></ul></ul><ul><ul><li>Provides a means of imposing discipline </li></ul></ul><ul><ul><li>Defines success and is critical for its attainment </li></ul></ul><ul><ul><li>Is a ‘living’ document </li></ul></ul><ul><ul><li>Is updated as necessary . </li></ul></ul>